Traditionally busy season left much to be desired May brought slightly more contract signings than April, closing out a spring marked by slow movement, according to new pending home sales data released by the National Association of REALTORS®. The organization's lead economist explains what needs to happen to attract more buyers. Full Story: REALTOR® Magazine (6/26)
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ChatGPT has boosted effectiveness or efficiency for 83% of marketers, Search Engine Journal recently found, and several believe the technology will aid small businesses. While AI provides value via content creation for 64.5% and 44% get benefits from idea generation and content optimization, quality concerns 54.2% and 62.6% worry about misinformation. Full Story: Search Engine Journal (6/24)
Real Estate Trends
Annual home price growth slows S&P CoreLogic Case-Shiller reports that U.S. home price growth slowed to its lowest annual pace in nearly two years in April. Nicholas Godec of S&P Dow Jones Indices noted that "markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace." Full Story: CNBC (6/24)
Florida county condo sales hit $239M The Palm Beach County, Fla., condo market saw a significant surge in sales and dollar volume, with 155 closings. Alina Residences in Boca Raton dominated the top 10 sales, with unit 903 selling for $9.6 million, the highest price per square foot at $1,791. Full Story: The Real Deal (6/25)
Some recent home buyers are underwater on their mortgages Some homeowners who purchased at the height of the pandemic buying frenzy now face declining home values. In a small but growing number of cases, buyers may owe more on their mortgages than these homes are worth, especially in places such as Austin, Texas, and Cape Coral, Fla. Being underwater on a mortgage may not have a major impact on a person's daily financial life, but it may limit home sales. Full Story: The Wall Street Journal (6/24)
Technology & Innovations
AI-driven personalization can revitalize cold emailing Traditional cold emailing is becoming ineffective, but AI-driven hyper-personalization can revitalize this strategy, writes Andrew Dunn. Dunn notes that personalization should go beyond using a prospect's first name to include specific details about their business, tailored offers and relevant social proof. Full Story: Forbes (tiered subscription model) (6/25)
Legislation & Regulation
Fannie Mae, Freddie Mac directed to consider crypto in mortgage risk assessments William Pulte, the head of the Federal Housing Finance Agency, has directed Fannie Mae and Freddie Mac to develop a proposal allowing home buyers' cryptocurrency holdings, stored on U.S. exchanges, to count as assets when assessing mortgage risk. This move aims to expand access to home loans by letting banks consider crypto assets without requiring conversion to dollars, potentially increasing the pool of qualified buyers. Full Story: The Associated Press (6/25)
Michigan bill would cap rental application fees at $25 Legislation under consideration in Michigan would cap rental application fees at $25 and ban unreasonable landlord fees. The bill, introduced by Sen. Rosemary Bayer, also requires landlords to inform tenants in writing about the screening process and prohibits using credit scores to deny applications. Full Story: Michigan Advance (Lansing) (6/24)
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The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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